“You don’t change a winning team. As months go by, our balanced portfolio is faring rather well. The only move has been redeeming the remaining bit of US equity in the portfolio and using the proceeds to increase the emerging exposure. Going forward, and while the markets keep escalating the wall of worry, de-correlation is getting harder and harder to find: commodities have tended to move hand in hand with stocks, as of late, and more surprisingly, with government bonds. What could then act as a safe haven even when the tide goes down? This question matters quite a lot.”